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The GEO Group (NYSE: GEO) (“GEO”) announced today the opening of the new 1,500-bed Riverbend Correctional facility (the “Facility”) in Milledgeville, Georgia.
Under the terms of its contract with the Georgia Department of Corrections, GEO financed, developed, and will operate the new $80.0 million, 1,500-bed Facility on state-owned land pursuant to a 40-year ground lease. The Facility is expected to generate approximately $28.0 million in annualized revenues and is expected to ramp through the first quarter of 2012.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We appreciate the confidence placed in our company by the Georgia Department of Corrections. The opening of this important facility marks a significant milestone towards meeting the state’s need for correctional bed space. We look forward to building on an already strong public-private partnership with the State of Georgia and the community of Milledgeville.”
The GEO Group, Inc. is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO’s worldwide operations include the management and/or ownership of approximately 80,000 beds at 116 correctional, detention and residential treatment facilities, including projects under development.
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding estimated earnings, revenues and costs and our ability to maintain growth and strengthen contract relationships. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to successfully pursue further growth and continue to enhance shareholder value; (2) GEO’s ability to access the capital markets in the future on satisfactory terms or at all;(3) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (4) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (5) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (6) GEO’s ability to obtain future financing on acceptable terms; (7) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (8) other factors contained in GEO’s Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.